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UK – Financial Conduct Authority warns banks over Authorised Push Payment fraud and poor treatment of victims. In the first six months of 2023 over 116,000 people reported falling victim to APP fraud.

8 noiembrie 2023

While our review of firms’ fraud controls and complaint handling found examples of good practice, we were also disappointed with the way some firms supported customers who were the victims of fraud, the Financial Conduct Authority said in a press release.  

In the first six months of 2023 over 116,000 people reported falling victim to Authorised Push Payment (APP) fraud (UK Finance 2023 Half Year Fraud Update), where someone is tricked into sending money to a fraudster posing as a genuine payee. With more people potentially vulnerable due to cost-of-living pressures, and fraud methods evolving, it is critical that firms continually evaluate their approach and have robust frameworks in place to detect fraud, as well as effective support for victims when it happens. 

FCA review found:

Firms can do more to strengthen their systems designed to detect and prevent fraud.

There is not enough focus on delivering good consumer outcomes in many firms. 

Some firms could do more to improve the support they offer to victims of fraud. 

Poor complaint handling, including firms often taking too long to respond. Customers were provided with decision letters that were sometimes unclear, confusing, or included unhelpful and, on occasion, accusatory language.

Firms are not fully considering characteristics of customer vulnerability when making decisions about fraud claims and complaints. 

„We are already working with firms in our review to strengthen their approach. We expect all payment service providers to use our findings to inform what more they can do to detect, manage and reduce fraud and losses more effectively. Customer treatment must also be improved, including how complaints are handled, to deliver consistently good consumer outcomes in line with the Consumer Duty.” FCA said.

Firms should also consider the findings from FCA recent publication Proceeds of fraud – Detecting and preventing money mules, which reviewed payment account providers’ systems and controls against money mules accounts. 

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:


In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?